The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities ofchocolate gift boxes. Fill in the blanks in the table.Instructions: Enter your answers rounded to two decimal places.Choco Lovers Cost and RevenueQuantityTCATCMCof Gift Boxes($)($)($)1065.006.504.001582.505.50205.134.0025127.505.0030162.505.427.0035207.505.939.00Assume the profit-maximizing price is $5 per gift box, and then answer the following questions:a. Profit-maximizing quantity =gift boxesb. Total revenue = $c. Profit = $d. Profit per unit = $per gift box

A competitive economy is one where there are infinite number of buyers and sellers who earn zero…

Assume the profit-maximizing price is $5 per gift box, and then answer the following questions: a. Profit-maximizing quantity gift boxes b. Total revenue = $ c. Profit = $ d. Profit per unit = $ per gift box

Assume the profit-maximizing price is $5 per gift box, and then answer the following questions: a. Profit-maximizing quantity gift boxes b. Total revenue = $ c. Profit = $ d. Profit per unit = $ per gift box

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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25. According to the following points on a demand curve, which would be the ideal price for a company to sell its product to get the maximum amount of revenue or total income before substituting cost? A. At $75, the quantity demanded per month is five. B. At $50, the quantity demanded per month is 10. C. At $100, the quantity demanded per month is two. D. At $25, the quantity demanded per month is 12.
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What term describes the decrease in general satisfaction a person gets from consuming. each additional unit of a product? A) Consumer Surplus B) Marginal Utility C) Marginal Cost D) Diminishing Returns
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a. Complete the table below, which shows the costs and revenues of Solo the monopolist. (You may assume that the demand curve is a straight line. Leave no cells blank - be certain to enter "0" wherever required. Quantity per Period 0 1 2 3 4 5 6 7 8 9 10 Price Price: $ $32 $ 28 20 TR 120 $ $ MR MC n $8 7 6 5 6 7 8 9 10 12 b. What are the values of the profit-maximizing output, price, and total profit or loss? Output: TC $74 82 89 95 100 106 113 121 130 140 152 Total profit c. At what output will total revenue be maximized, and what will be the value of total revenue?
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Suppose that you are the marketing manager of Citruscity, the only producer of grapefruits in the imaginary economy of Blockburg. As a monopolist, Citruscity's objective is to maximize its profit, so it is up to you devise a way to increase profits through price discrimination. As a former economics student, you know that many firms successfully practice price discrimination by separating their market into two identifiable types of consumers-what economists call third-degree price discrimination. Examples of this include student discounts, senior citizen discounts, and ladies' night discounts. After doing some research, you conclude that the demand for grapefruits varies greatly between consumers who clip coupons and those who do not. The following graphs show the overall dailly demand and marginal revenue (MR) for a pound of grapefruits for each group of consumers and the marginal cost (MC) for producing a pound of grapefruits. Assume that fixed costs are equal to zero. Note: You will…
Consider the supplier of a product that is an inferior good. For instance, an aluminum supplier for a canned goods producer. During a recession during which average incomes fall, which of the following best describes what would happen to the profit-maximizing price of the supplier? a. The supplier’s profit-maximizing price would decrease due to an increase in demand. b. The supplier’s profit-maximizing price would increase due to an increase in demand. c. The supplier’s profit-maximizing price would decrease due to a reduction in demand. d. The supplier’s profit-maximizing price would increase due to a reduction in demand.
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7. Study Questions and Problems #7 Use the data from the following demand schedule to answer the questions that follow. Price (P) (Dollars) Total Revenue (TR) Marginal Revenue (MR) Quantity Demanded (Q) (Dollars) (Dollars) 20.00 0 0.00 18.00 18.00 1 18.00 14.00 16.00 2 32.00 10.00 14.00 3 42.00 6.00 12.00 4 48.00 2.00 10.00 5 50.00 -2.00 8.00 6 48.00 -6.00 6.00 7 42.00 -10.00 4.00 8 32.00 -14.00 2.00 9 18.00 -18.00 0.00 10 0.00 Make the unrealistic assumption that production is costless for the monopolist in this question. The monopolist will charge a price of $ for the monopolist. per unit and sell units. This will yield an economic profit of S Now assume the marginal cost is above zero and is equal to the marginal revenue of the fourth unit. The monopolist will now charge monopolist will now earn price and produce when production was costless. In turn, the economic profit compared to when production was costless.
When buyers in a competitive market take the selling price as given, they are said to be a. market entrants. b. monopolists. c. free riders. d. price takers